The price gets the folks in the door.

Hopefully I won't come off as a waste of time and I can find an experienced investor to show me the ropes and (MAYBE) even finance my first deal.Does this seem like a realistic way to get my foot in the door?

Next, you have bathroom and kitchen fixtures and that requires some basic knowledge about how long you want stuff to last.Personally, i dislike major rehab because you're constantly dealing with unanticipated contingencies that would eat up your funds very quickly.The above was what i learned managing the renovation of a 16 unit with partners.

Imagine that somebody knocked on your door and wanted to purchase it for no money down.

Unless you have a very trusted money manager or business manager (doubt you do or you wouldn't be asking us) who can keep an eye on this stuff, you are likely to get fleeced at some point.

(you name it - windows, doors, concrete cracked driveway, ect).

The downsides are that if you allow them to know it, your tenants will be banging on your door on a regular basis.

The money I'd need just to get in the door would be much, much higher.

Numbers below:Purchase price: $125,000Down Payment: $25,000Mortgage payments: $6,084/yr (PI $507/month @ 5% 30 yr)Rental Income: $16,200/yrVacancy 5%: $810Property Tax: $900/yrInsurance: $800/yrProperty Manager 12%: $1,900/yrMaintenance: $2,400/yr ($100/door per month)Utilies: $300/yr waterAdvertising: $200/yrTotal Operating Expenses: $7,310Net Operating Income: $8,890Less Mortgage Payments: $6,084Total Cash Flow: $2,806Cash on Cash Return: $2,806/$25,000 = 11.2%Any errors in my numbers?

If you are really worried about it, you can start the eviction process by posting a Notice to Quit on the door (3-day notice).